World Economy

Kuwait Faces $24b Deficit

Kuwait Faces $24b DeficitKuwait Faces $24b Deficit

Kuwait on Monday projected a $24-billion deficit in its new fiscal year budget despite a massive spending cut due to plunging oil prices. Revenues for 2015-2016 are projected at $41.1 billion, 43.6% down from estimates in the current year, Finance Minister Anas al-Saleh said. The budget cuts spending by 17.8%, AFP reported.